Working Paper: NBER ID: w2598
Authors: Susan M. Collins
Abstract: This paper examines South Korea's macroeconomic performance and experience with external debt during 1960-1986. Most of Korea's debt was accumulated during three periods: 1966-69, 1974-75 and 1979-81. Each involved an initial phase of economic difficulty and an slow-down in growth, followed by an impressive recovery. The paper reviews the economic and political developments during each cycle in some detail. Of particular interest are the shifts in economic policy as domestic authorities responded to external and internal developments. The paper is part of a larger study of the Korean experience.
Keywords: external debt; macroeconomic performance; South Korea
JEL Codes: No JEL codes provided
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| shifts in economic policy (E65) | economic difficulties (E66) |
| government policies promoting export-oriented growth (O25) | accumulation of external debt (F34) |
| economic policies (E69) | performance outcomes (L25) |
| favorable external conditions and effective domestic policies (O24) | recovery phases (E65) |
| economic downturns (F44) | crises (H12) |